The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale is set to undergo a redevelopment under its new owners.
The Quay, which consists of three buildings totaling 72,904 square feet and six yacht slips along the Intracoastal Waterway, recently traded to a joint venture between BH Group, PEBB Enterprises and Related Group for $48.5 million, according to Shopping Center Business. Plans to redevelop the seven-acre site include adding up to 361 residential units and 12,000 square feet of retail and restaurant space.
The property is immediately adjacent to approximately $2.3 billion of significant redevelopment projects including the Broward Convention Center Expansion and the Pier Sixty-Six mixed-use development.
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JLL's Danny Finkle, Maurice Habif, Jorge Portela and Eric Williams represented the seller, a joint venture between Mast Capital and AEW Capital Management. JLL also procured the buyer.
Amerant Bank provided financing for the acquisition of the property, Shopping Center Business also reported.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
